With a westward expansion in the works in Charlottesville, a local bank also recently looked east in a bid to grow its mortgage division.
C&F Bank disclosed last month in its 2016 year-end financial report that it expanded its C&F Mortgage arm into Chesapeake and the Outer Banks, after hiring of a team of mortgage lenders and processors.
C&F President Tom Cherry said in an interview this week that the Outer Banks expansion ultimately fell through, but the company added 16 mortgage employees at a new office in Chesapeake, mostly during the fourth quarter.
He said the group came over from competitor mortgage companies and banks, adding that recent consolidation in the Hampton Roads banking market has created opportunities for other banks to attract talent.
The number of community banks based in the Hampton Roads market has diminished in recent years due to mergers and acquisitions. Deals there include TowneBank’s acquisition of Monarch Bank, Heritage Bank being acquired by Southern Bank, and Richmond-based Xenith Bank merging with Bank of Hampton Roads–continuing under the Xenith brand.
C&F’s new Chesapeake office joins its other mortgage outposts around Virginia, Maryland and North Carolina.
The division employs 187 workers and originated $674 million in residential loans last year. Those loans are then sold off into the secondary market.
C&F does not have a bank branch presence on the Southside of Hampton Roads, but does have a commercial lending team on the ground there, Cherry said. The bank has branches on the Peninsula side of that market in Hampton and Newport News.
C&F is headquartered in West Point and has 25 branches, including 17 in the Richmond market. It has $1.45 billion in total assets, according to its most recent financial statements.
It’s also working to further expand into Charlottesville, with a new branch planned for the city’s Downtown Mall. It will be C&F’s first full-service location in that market.